Recent crises and the expansion of international financial arrangements have dramatically elevated the importance of cooperation between regional institutions and the International Monetary Fund (IMF). While the case for coordination between regional and multilateral institutions is generally...

What motivates the United States when it casts votes in international organizations? Is there variation in American voting behavior from one IO to another? Answers to these questions have long suffered from the opaque manner by which many international organizations operate and the recalcitrance...

The adoption of the Tobin tax would be an important political act, a break both with the neo-liberal practices which accompany economic globalisation, and with the fatalism which goes along with them. This idea assumes that the level of co-operation which exists between the nations of the world...

The main economic governance and day-to-day Economic Diplomacy (ED) are important to any country's international policy. In today's globalized world, ED is an important tool for countries to develop, stay engaged, and even survive economically. This paper has pointed out the study of ED as a...

Sovereigns have a long history of defaulting on their debts. Despite the bitter lessons learned through this history, the international community has not yet developed an effective method for dealing with these events. As a result, each sovereign’s debt restructuring process is likely to be...

This paper explores the economic rationale of an EMU fiscal capacity. It explains that the EMU's architecture suffers from two structural weaknesses: a tendency to develop imbalances and an inherent deflationary bias. The analysis shows that the external imbalances developed during the first...

In response to debt crises, policy makers often feature Collective Action Clauses (CACs) in sovereign bonds among the pillars of international financial architecture. However, the content of official pronouncements about CACs suggests that CACs are more like doorknobs: a process tool with...

The authors of this article, Nicolas Firzli, WPC, David Weeks, AMNT, and the Hon. Nick Sherry, SEF, co-chaired the main financial roundtable during the COP21/Paris Agreement conference: the Paris Climate Finance Roundtable (CFR) , alongside Dr. Jeffrey Sachs, Director, Center for Sustainable...

A modern incarnation of the trilemma is essential for understanding the evolving global financial architecture, and for coming up with ways to mitigate financial fragility. The scarcity of policy instruments relative to the policy goals implies complex country-specific tradeoffs between the...

The European sovereign debt crisis is characterized by the simultaneous surge in borrowing costs in the GIPS countries after 2008. We present a theory, which can account for the behavior of sovereign bond spreads in Southern Europe between 1998 and 2012. Our key theoretical argument is related...